Gold price is bouncing higher today towards $1,830. Price remains below key Ichimoku cloud indicators confirming that we remain in a bearish trend. Resistance by the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) remain at $1,835-41 area. As long as price is below this level Gold is vulnerable to more downside. Support remains intact at $1,800-$1,790. So far Gold continues to trade inside the trading range of $1,800-$1,850 with no clear direction.The Chikou span (black line indicator) remains below the candlestick pattern. This is another sign that Gold price is vulnerable to another downward move.
